Hold onto your hats partner. Yep, its gold and silver time in Texas. The state legislature is considering gold/silver as a means of exchange with no tax and it would be a sanctioned recognized means of currency. Utah did it a few years ago. The deposits would go into a depository; not a bank! Wahooooooooo. Its 100% yours and no fees. Ride em Cowboy! See details:
The state of Texasis now considering a piece of legislation regarding gold & silver which would be nothing short of revolutionary if passed…~~~

As we recently observed, the “brilliant” elites in DC are currently in full retreat across a broad spectrum of international issues. From being routed on the issue of a Russia/China-led bank in Asia, to having their IMF storm-troopers thrashed in eastern Europe, it’s wonderful to see them with their tail between their legs on such a regular basis!

Make no mistake, others have taken note of these defeats here in the States, and it has given them hope. In fact, many of those folks are now thinking the time is perfect to finally push some some meaningful reforms in their own communities. That’s exactly what we’re gonna be looking at today!

As I promised back on Friday, I wanted to let our shield brother community know of some encouraging news in the effort to restore honest money here in our lands. Recently, there has been some very promising news on that front, as one state in particular here in the US, is now considering a piece of legislation which would be nothing short of revolutionary if passed.

How We got Here

First though, a short bit of background. In 2011, Utah became the first State to take a step towards constitutional money again, when Governor Gary Herbert signed legislation removing all state sales taxes on gold and silver purchases, and declared bullion to be legal tender. Many other states soon followed suit, including: Louisiana, Oklahoma, and Texas, to name a few. Other states can be checked at statelegaltender.com.

Overall these laws have been positive developments, as they’ve allowed stackers to acquire more bullion without cumbersome taxes, and they’ve raised the awareness level of the importance of precious metals as legal tender quite a bit. They also helped change some of the state tax codes to finally recognize gold and silver as actual currencies, rather than just assets.

That’s a huge step forward!

“Ok, wait a second, Watchman! That’s nice and all, but those bills didn’t even provide a way for people to use their metals to pay others. Those bills called gold and silver ‘currency’, but didn’t provide a way to use them for currency!”

Ahhhhh, right you are, my friend, and I was just getting to that, because someone is now taking it the extra step, and attempting to do something monumental. I think you’re gonna dig this!

For you see, the State of big heroes, big skies, big-horned cattle, and, hmm, really, big everything….now has a truly big idea!

Yes, Texas is now considering a bill which would go far, far beyond what those previous bills did.

Let me explain it, to the best of my understanding.

One Giant Leap for Texans

Their legislature now has two bills in committee, dealing with precious metals. The first is SB1245: it’s only a few paragraphs long, and basically reaffirms silver and gold as legal tender, and as currency. It doesn’t really tread any new ground,however, it’s being brought forward right now to complement another law in consideration, one which does blaze a trail through a great deal of fresh territory.

That bill is called SB989, and it is rather long, but once you see what it does, you’ll understand why.

This new bill actually lays the groundwork to establish the US’s first state-run gold and silver depository! This idea was first looked at several years ago when Texas A&M bought physical gold , and needed somewhere safer to store it than with HSBC crooks in New York City! Sadly though, it was put on the back burner for a time, but is now back with a vengeance.

Ladies and gentlemen, this is huge deal. In the past, though many states had removed sales taxes from precious metals none of them had provided an official outlet for conveniently using those metals to transact and do business with others.

If this bill passes, there will soon be just such an outlet.

How Does it Work?

To start things off, this depository would be a depository network, run by Texas, and would allow several things:

1) Firstly it would allow any person to establish their own account at the depository, to safely store their precious metals there!

Here’s the really neat part though:

2) Secondly, and even more importantly it would enable anyone holding an account there, to transact and do business with others who also held an account there, all electronically!

Say you owned your own business, and you’ve stashed away some savings in silver eagles at the depository for safe keeping. Good for you! Then one day, when you contacted your supplier, you discovered that they too have an account with the depository! Now you can both use your electronic balance of metals stored there, in order to transact with each other, without those metals ever having to leave the depository!

Brother, I get that! This won’t be a banking institution, and this isn’t a bank account. It is classified as a “custodial account”, and the state depository simply holds it for you, and enables it to change hands, easily and seamlessly! They’ll also keep a tight leash on those who can oversee such custodial accounts, by licensing any and all depository branches. Those branches will be required to submit regular accounting records to the state, and their employees will undergo extensive background checks before employment can be given.

“Well, that’s great Watchman, but what about interest payments? If we start letting the depository charge interest or pay interest on the bullion that’s in their care..then suddenly you bring debt into the equation, and the metals stored there would always be one person’s asset, and another person’s debt! I can’t support that!”

Excellent point!

That’s why I’m most happy to tell you, that this bill strictly prohibits the depository from charging or paying any interest on any bullion whatsoever! It’s not a banking institution, but simply a facilitator, which acts as a giant safe, and electronic transfer system.

Ahhh, but there’s another neat part about this bill that really kicks it up a notch! For the first time, not only will you be able to safely store your metal, or use it to transact with other account holders…

But the state and local government would actually accept gold and silver as a means of payment for taxes, for liens, and other fees through your custodial account!

Brothers, do you know what this means?

It means that finally (at long last) that eternally-annoying, ever-bogus line of,

“Gold and silver are so lame, I mean, you can’t even pay your taxes with it!”..will finally be laid to rest…alongside the Dodo birds, and woolly mammoths of yore!

Yes, I know….it’s ok if you need a kleenex! I won’t judge!

But wait! There’s more!

Just when you thought you’d awoken in an alternate reality where dairy cows give single-malt Scotch, it gets even more surreal…

This bill would now give you the chance to tell your local governments to pay any refunds or payments to you…..in gold or silver!

Its Limitations

Now, don’t get all crazy on me or anything, remember, this bill is still simply being considered(although calling your local Texas state reps and expressing your support couldn’t hurt anything!), and isn’t the final word on the best way to transact in precious metals.

After all, even if Texas still passes this bill, they can’t do anything about Federal capital gains taxes that would occur in these transactions. Nor would such a bill enhance privacy, as every transaction would be on record with the state itself. Those are still severe challenges to overcome, to be sure.

In all likelihood, though, this bill would probably result in many folks still creating a custodial account for savings, and perhaps even receiving state refunds in precious metals as well. But, holy cow though, isn’t that enough for a celebration?

That would be an enormous first step in a truly game-changing, monetary direction, and a great step towards greater personal and local sovereignty!

Conclusion

Texas is a large state, and a trend-setter, so if this could be passed and succeed there, it would likely lead to other state legislatures being emboldened to try this approach as well. The mechanism itself is the trickiest part, but if Texas could pull it off, it would provide a clear frame of reference from which all others could easily start.

Though not the “end all, this bill would still undoubtedly be revolutionary, as it would make Texas the first state to actually create a mechanism allowing precious metals to function both as savings and a means of payment.

Payments to and from individuals, or even inter-governmental in nature, would again be possible. It would also increase real competition in currency out there, as folks would have another option to the crooked Federal Reserve notes we’re still being indebted by.

Since 1971, when President Nixon severed the last link between gold and the US dollar, the peoples of America have been almost totally at the mercy of international, for-profit banks, like the Federal Reserve, the IMF, or the Bank of England.

Currencies like the U.S. dollar, have now been borrowed into existence, saddling hundreds of millions of human beings with unpayable debt. The savings of the peoples of America have been eaten away, and destroyed by a government which has used all this inflationary debt to pay for its numerous bad laws, and immoral wars.

It must stop, and it will stop.

Trust me, bills like this one coming down the pipeline, are very healthy indications that this may be due to change very soon.

Gold and silver, alongside firearms, are still the best tools of sovereignty in the hands of the people. So most any means of getting more of those coins into folks’ hot, little hands is a great step toward truly giving power to the people, and should be supported.

This is totally the most exciting thing. This is exactlly what my husband and I talked about. Except we are in Minnesota but now we know the discussion is out there. Love it....and can only hope and pray. Thank u for the informatics

Reply

Don Geisse

3/29/2015 06:15:04 am

YAH HOO!
GO GET'EM TEXAS!

Reply

Brian Davis

3/29/2015 05:04:41 am

I recently read that TX is the only state that has made an official legal ruling on BitCoin and declared it NOT money. The state also declared that it was tax exempt in all ways and can be bought and sold freely and used for commerce. Although not as cool as this article, it shows the advanced nature of the TX state govt. Good for them.